VYNE Therapeutics announces second-quarter financials, business updates
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Key takeaways:
- VYNE’s drug candidate, VYN201, is being evaluated in a phase 1 trial.
- The company will be submitting an investigational new drug application for VYN202 by the end of 2023.
VYNE Therapeutics has announced its second-quarter 2023 financial results as well as business updates for its two novel investigative drugs, according to a press release.
The second quarter’s revenue total of $0.1 million, consisting of royalty revenue, matched the revenue total for the same quarter last year. The net loss and net loss per share for the quarter was $10.1 million and $3.09, respectively, compared with $8.5 million and $2.63, respectively, for the same quarter last year.
The company also reported research and development expenses totaling $7.2 million for the second quarter of 2023, which was an increase compared with the $4.1 million spent on research and development in the same quarter of 2022. According to the press release, the increase was due to expenses incurred due to the development of VYN202, one of the company’s two novel small molecule BET inhibitors along with VYN201.
VYNE Therapeutics reported progress for these two drugs, which are designed for the treatment of immune-inflammatory conditions, according to the release. The company plans to report preliminary phase 1b data on VYN201 next quarter, and final results in October.
“As we prepare to report the first clinical trial results for VYN201 in patients with non-segmental vitiligo later this quarter, we are pleased by the compound’s positive safety profile and pharmacokinetics results in healthy volunteers that we reported in the first quarter,” David Domzalski, president and CEO of VYNE, said in the release. “Taken together, the phase 1a data and the consistent results observed across multiple preclinical models of VYN201 suggest that BET inhibition has the potential to be an effective new treatment approach to address several immuno-inflammatory diseases, including vitiligo.”
The company also plans to select a lead indication for VYN202 in the fourth quarter of the 2023, as well as submit an investigational new drug application for the drug by the end of the year in anticipation of the phase 1 trial that is set to begin in the first quarter of 2024.